Los Angeles Capital Management & Equity Research Inc. lessened its position in shares of AvalonBay Communities Inc (NYSE:AVB) by 24.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 91,385 shares of the real estate investment trust’s stock after selling 29,130 shares during the quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in AvalonBay Communities were worth $18,568,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC increased its position in shares of AvalonBay Communities by 9.1% during the fourth quarter. Geode Capital Management LLC now owns 2,297,292 shares of the real estate investment trust’s stock valued at $399,297,000 after acquiring an additional 191,867 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in shares of AvalonBay Communities during the first quarter valued at about $3,159,000. Moody National Bank Trust Division increased its position in shares of AvalonBay Communities by 306.7% during the first quarter. Moody National Bank Trust Division now owns 427 shares of the real estate investment trust’s stock valued at $86,000 after acquiring an additional 322 shares during the last quarter. Calamos Advisors LLC increased its position in shares of AvalonBay Communities by 1.0% during the first quarter. Calamos Advisors LLC now owns 19,004 shares of the real estate investment trust’s stock valued at $3,815,000 after acquiring an additional 187 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of AvalonBay Communities during the first quarter valued at about $2,119,000. 91.63% of the stock is currently owned by institutional investors and hedge funds.
In related news, CFO Kevin P. O’shea sold 250 shares of AvalonBay Communities stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $205.49, for a total value of $51,372.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Leo S. Horey III sold 2,000 shares of AvalonBay Communities stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $210.00, for a total transaction of $420,000.00. The disclosure for this sale can be found here. Insiders sold 7,250 shares of company stock valued at $1,513,723 in the last quarter. 0.42% of the stock is owned by insiders.
AvalonBay Communities (NYSE:AVB) last issued its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.31 by ($1.10). AvalonBay Communities had a return on equity of 8.63% and a net margin of 41.83%. The firm had revenue of $577.26 million during the quarter, compared to analysts’ expectations of $572.69 million. During the same quarter in the prior year, the firm earned $2.23 EPS. As a group, sell-side analysts expect that AvalonBay Communities Inc will post 9.33 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a $1.52 dividend. The ex-dividend date was Thursday, June 27th. This represents a $6.08 dividend on an annualized basis and a yield of 2.95%. AvalonBay Communities’s dividend payout ratio is currently 67.56%.
A number of research analysts recently weighed in on the stock. Mizuho cut shares of AvalonBay Communities from a “buy” rating to a “neutral” rating and set a $210.00 price objective for the company. in a report on Wednesday, May 8th. Argus restated a “buy” rating and issued a $215.00 price objective on shares of AvalonBay Communities in a report on Tuesday, April 30th. ValuEngine cut shares of AvalonBay Communities from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Citigroup lifted their price objective on shares of AvalonBay Communities from $205.00 to $210.00 and gave the company a “neutral” rating in a report on Tuesday, August 6th. Finally, KeyCorp lifted their price objective on shares of AvalonBay Communities from $212.00 to $215.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $207.00.
About AvalonBay Communities
As of March 31, 2019, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 85,313 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and nine communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States.
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